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IAI Actuarial Core Principles · Business Management · Actuaries Act, 2006 and IAI governance

Arjun, a Fellow of the Institute, is found by the Disciplinary Committee to have been guilty of professional misconduct. Which of the following is a type of penalty that the Actuaries Act, 2006 framework allows the Institute's disciplinary bodies to recommend or impose for a member?

Sanctions available include reprimand, removal of the member's name from the Register for a period or permanently, and a fine. Disciplinary bodies of the Institute cannot imprison, seize property or direct an employer's licence, as those are outside their powers.

  1. AImprisonment for up to ten years ordered by the Disciplinary Committee
  2. BReprimand, removal of name from the Register of Members for a period, or fineCorrect
  3. CConfiscation of the member's personal property
  4. DCompulsory transfer to another employer
  5. Suspension of the employer company's licence

Explanation

The disciplinary framework provides for sanctions such as reprimand, removal from the membership register for a specified period or permanently, and fines. Disciplinary bodies of a professional institute cannot imprison, seize property, or act against an employer's licence.

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